Tether counters UN highlights crypto’s role in security

In a recent development, Tether, the company behind the widely-used stablecoin USDT, has strongly refuted claims made by the United Nations regarding the misuse of its digital currency in illicit activities such as money laundering and “pig butchering” scams in Southeast Asia. Contrary to the UN’s report, Tether emphasizes its ongoing collaboration with top global law enforcement agencies like the DOJ, FBI, and USSS. This cooperation, Tether asserts, demonstrates its commitment to combat financial crimes and aid authorities in their efforts.

Blockchain: A tool for enhanced transparency and security

The response from Tether also focuses on the intrinsic benefits of blockchain technology in fighting crime. The company underscores the transparency of its blockchain network, which permits the detailed tracking of transactions.

Tether points out that this capability surpasses traditional financial systems in detecting and tackling illegal transactions. Highlighting its ability to freeze fraudulent transactions, a feature not typically feasible with conventional assets, Tether showcases its role in curbing the misuse of digital currencies.

In recent months, Tether has frozen over US$300 million in transactions, reflecting its active participation in preventing the criminal use of cryptocurrencies. This defense addresses the UN’s concerns and throws light on the broader potential of blockchain technology in enhancing financial security and transparency.

Tether invites UN for collaborative dialogue

Tether has extended an invitation to the UN for dialogue, urging a reconsideration of the potential benefits of blockchain in fighting financial crime. The company’s stance is emblematic of a larger trend within the cryptocurrency industry towards regulatory compliance and security enhancement.

By countering the UN’s allegations and underscoring its assistance to law enforcement, Tether is reshaping the narrative around stablecoins like USDT, advocating that blockchain, when employed responsibly, is a formidable tool against financial crimes rather than a facilitator of such activities.

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